I woulda won that guessing game. I was going to say $370K.

The thing to remember with house prices is that many people come into the market with existing property. If you or your family had property before the huge boom then you still only need to pay a small amount to top that up to a dearer property. Think of an old house in Sydney that cost $75K in the early 90s... by the late 90s it's now worth 400K+ and that's before you demolish the house, subdivide the land then put 3x townhouses in the same place. The biggest step is from no property to some property.